Up to a million Canadians would struggle to cope with a 1 per cent rise in interest rates with 700,000 at risk from even a 0.25 per cent rise

Two new towers have been approved by councilors in Edmonton, creating thousands of new homes just outside the city’s heritage district.

The buildings will be south of Whyte Avenue and will mark a change for the district with the first 16-storey buildings; there will also be 17 new townhomes built as part of the development by ONE Properties and Wheaton Properties.

The Edmonton Journal reports that council voted 10-2 in favour of the project which Mayor Don Iveson said “is a sign of a changing city.”